The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Surge In Data Quality Tool Adoption Fuels Growth Of Master Data Management (MDM) Market

The master data management market size has grown rapidly in recent years. It will grow from $15.34 billion in 2023 to $18.01 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to data proliferation, legacy system integration challenges, data quality concerns, mergers and acquisitions, customer-centric focus, digital transformation initiatives.

• Data Quality Tools Revolutionize MDM
  • Data quality tools identify, understand, and analyze data to support decision-making.
  • Adoption of these tools drives growth by improving analytics, real-time data validation, and data profiling.
  • Approximately 40% of businesses invest in MDM to integrate data tools across functional areas.
• Key Players in MDM Market
  • Major companies driving MDM growth include IBM, Oracle, SAP, and Informatica.
  • Other notable players include SAS Institute, TIBCO Software, and Cloudera.

View More On The Master Data Management Market Report 2024 – https://www.thebusinessresearchcompany.com/report/master-data-management-global-market-report

Technology Advancements Drive Adoption Of Agile And Cloud-Based MDM Solutions

The master data management market is expected to see rapid growth in the next few years, reaching $32.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to data democratization initiatives, industry-specific MDM solutions, hybrid and multi-cloud environments, data governance and security, and real-time data management.

• Agile and Cloud-based MDM Solutions
  • Advancing technology leads to more Agile and Cloud-based MDM solutions.
  • Informatica introduces an advanced cloud-native intelligent multi-domain MDM solution, enhancing business operations.
  • Syndigo LLC’s acquisition of Riversand strengthens its product portfolio in MDM and data science.
• Innovations Driving Market Growth
  • Product innovation, self-service data access, and data quality improvement initiatives are key trends.
  • The rise of hybrid data environments and customer-centric MDM solutions shapes the market landscape.

Segmentation of the Master Data Management Market

The master data management market is segmented based on various factors:

1. By Component: Solution, Services
2. By Deployment Mode: Cloud, On-premises
3. By Organization Size: Small and Medium Enterprises (SMEs), Large Enterprises
4. By Application: Supplier Data, Product Data, Customer Data, Other Applications
5. By Verticals: Banking, Financial Services and Insurance (BFSI), Government, Retail, IT and Telecom, Manufacturing, Energy and Utilities, Healthcare, Other Verticals

North America Leads the Master Data Management Market

North America was the largest region in the master data management (MDM) market analysis in 2023.

In conclusion, the master data management market is witnessing exponential growth, driven by factors like data quality tool adoption and technological advancements. The future of MDM lies in agile, cloud-based solutions tailored to meet evolving business needs across various industries. With robust segmentation and regional dominance, the MDM market is poised for further expansion in the coming years.

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The Master Data Management Global Market Report 2024  provides comprehensive insights on the master data management market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the master data management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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